The global market for Haitian vetiver oil is witnessing a healthy rise in its production volume, prompted significantly by the decline in the cost. Over the period from 2016 to 2024, the market will witness a surge in volume at a CAGR of 1.50%; however in revenues, it is expected to downplay, declining from a US$32.4 mn in 2016 to a value of US$29.7 mn by 2024 at a CAGR of -1.10% during the same time period.
Vetiver oil is one of the essential raw materials widely used in the global fragrance industry, and Haiti is known for producing the best quality of vetiver oil. The increasing usage of vetiver oil in aromatherapy, thanks to its popularity as historical therapeutic oil in eastern countries on account of its convenient, safe, and customary application, is the key factor behind the rising production for vetiver oil. Furthermore, the rising awareness about the therapeutic properties of Haitian vetiver oil, such as its efficient usage as tonic, nervine, and sedative to benefit patients suffering from rheumatism, arthritis, gout, muscular aches, dryness, and cracking of the skin, is also expected to influence its demand and, eventually, its production volume over the next few years.
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Haitian Vetiver Oil to Remain in High Demand for Making Perfumes and Scents
Haitian vetiver oil finds a widespread application in perfumes and scents, pharmaceuticals, food and beverages, and various other products, such as personal care products. The demand for this oil has been significantly greater in the perfumes and scents segment and the scenario is anticipated to remain so over the next few years. Apart from this, Haitian vetiver oil is also expected to witness significant increase in demand for applications in food and beverage products as it is plant-derived, and is considered natural and healthy.
Among other application areas, the usage of Haitian vetiver oil is likely to increase in personal care products in the near future due to its natural ingredient status, beneficial cleansing properties, and pleasant aroma. This essential oil is heavily utilized in creams and lotions for moisturizing and nourishing skin as it especially benefits dry, irritated and dehydrated skin, and helps reduce wrinkles and stretch marks.
Europe to Maintain Lead on Global Haitian Vetiver Oil Market
Geographically, the worldwide market for Haitian vetiver oil reports its presence across Asia Pacific, Europe, Latin America, the Middle East and Africa, and North America. With a share of nearly 75%, Europe dominated the overall market in 2016 and is expected to retain its position over the forthcoming years.
North America acquired the second position in this market in 2016. Researchers predict the regional market to maintain it in the near future; however, with a decline in its market share due to higher dependency on outer sources for growing vetiver. The increasing interest of consumers in product quality and safety, which is projected to shift their focus towards the origin and traceability of raw materials on account of the high usage of synthetic chemicals in the agriculture sector, is also anticipated to reflect negatively on the North America market for Haitian Vetiver oil over the years to come.
Haiti Essential Oil Co. SA, Fleurchem Inc., Floracopeia Inc., Ernesto Ventos SA., Robertet Groupe, Frager S.A., UniKode S.A., Lluch Essence Sl., and International Fragrance and Flavor Inc. are some of the key players functional in the market for Haitian vetiver oil across the world.